Latin America Potato Processing Market size is predicted to reach USD 3.74 billion in 2024 and is estimated to be growing at a CAGR of 5.62%, to reach USD 4.92 billion by 2029.
Potatoes are used for a wide range of purposes, and not just as a vegetable for cooking at home. It is estimated that less than fifty percent of potatoes grown worldwide are consumed fresh. The rest are processed into potato food ingredients and food products; fed to cattle, chickens, and pigs, processed into starch for industry; and re-used as seed tubers for producing the next season’s potato crop. Fresh potatoes are boiled, baked, or fried and used in a staggering range of recipes such as potato pancakes, mashed potatoes, potato dumplings, potato soup, twice-baked potatoes, potato salad, and potatoes au gratin among others. But the trend of Latin American consumption of potatoes as food is shifting from fresh potatoes to processed, added-value, food products. One of the key items in that category is frozen potatoes, which includes most of the French fries served in fast-food chains and restaurants worldwide. The world’s appetite for factory-made French fries has been put at more than seven million tons a year. Another processed product, the potato crisp is the long-standing king of snack foods in a lot of developed countries. Dehydrated potato flakes are used in retail mashed potato products, as ingredients in snacks, and also as food aid.
The driving factors of the Latin America Potato Processing market are the growth in demand for applications such as prepared ready meals and snack foods and the growth in consumer preferences for convenience foods to save effort and time. The rise in the number of retail channels such as supermarkets and hypermarkets, quick growth of the fast food industry, and industrialization policies adopted by governments of developing economies are also expected to propel the growth of the potato processing market during the forecast period.
Among the distribution channels, the food service segment has the largest share. The frozen segment is the largest market share holder in the potato processing market, owing to factors such as less time required for the preparation of meals and the growing preference of consumers for convenience foods.
In this region, Brazil is expected to have the largest share. Factors such as growing demand for ready meals & snacks and the growth of the fast food industry are expected to drive the market growth in the region.
The major key players in the Latin America Potato Processing market are Lamb Weston Holdings, Inc. (U.S.), The Kraft Heinz Company (U.S.), J.R. Simplot Company (U.S.), McCain Foods Limited (U.S.), Agristo NV (Belgium), Farm Frites International B.V. (Netherlands), J.R. Short Milling Company (U.S.), Intersnack Group GmbH & Co. KG (Germany), Idahoan Foods, LLC (U.S.), AGRANA Beteiligungs-AG (Austria), Aviko B.V. (Netherlands), and others.
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